A year ago at this time, the average rate for a 30-year fixed-rate mortgage was 4.40%.
The average rate for a 15-year fixed-rate mortgage was 3.78%, down from 3.81% the previous week. A year ago at this time, the average rate for a 15-year was 3.85%.
For the week ended Feb. 21, the average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 3.84%, down from 3.88%. A year ago at this time, the average rate for a five-year ARM was 3.65%.
“Mortgage rates fell for the third consecutive week, continuing the general downward trend that began late last year,” says Sam Khater, chief economist for Freddie Mac, in a statement. “Wages are growing on par with home prices for the first time in years, and with more inventory available, spring home sales should help the market begin to recover from the malaise of the last few months.”